Corporate Announcement

Date Corporate Announcements
13-01-2015

The Company has delisted the equity shares of the company from Madras Stock Exchange Limited with effect from 13.01.2015.

01-07-2010

Merger of UCAL Machine Tools Limited with UCAL Fuel Systems Limited

Consequent to the Hon’able High Court of Madras approving the merger of UCAL Machine Tools Limited (UMTL) with UCAL Fuel Systems Limited (UFSL) effective from the appointed date i.e., 1.4.2009, vide its order dated 22nd June 2010 (received on 1st July 2010), UMTL stands merged with UFSL.

19-08-2009

The shareholders of the company at the Extra-Ordinary General Meeting held on August 19, 2009, unanimously approved the proposed preferential issue of 8217625 equity shares of Rs.10/- each of the Company, at a premium of Rs.26.35/- per share to the Promoter/Persons acting in concert group.

13-04-2009

The Board of Directors at their meeting held on 13.04.2009 considered and approved the following items of business apart from the other normal agenda:

(1) The Proposed Scheme of Amalgamation of M/s. Ucal Machine Tools Limited, the wholly owned subsidiary of the company with the company in order to consolidate the subsidiary company's business into its own. The board authorized the directors to proceed with the scheme of amalgamation subject to the prior approval of the stock exchanges under Clause 24 F and other statutory approvals;

(2) Considering the financial requirement and the restructuring need for M/s. Amtec Precision Products Inc., USA Wholly Owned subsidiary of the company due to the economical recession in US market, the Board of Directors requested the promoters and their associates to infuse money into the company and the Board decided to consider the issue of Preferential allotment of Equity shares or convertible warrants to the Promoter group.

16-04-2008

Joint Venture Closed

The Joint Venture Agreement (JV) between Carburettors Limited and Mikuni Corporation has been called off as Mikuni Corporation has decided to disinvest its entire shareholding of 3,612,960 equity shares constituting 26% in the equity of UCAL Fuel Systems Limited. Carburettors Limited will acquire these shares. Simultaneously, on the disinvestment by Mikuni Corporation, the JV agreement between Mikuni Corporation and Carburettors Limited will get terminated. Despite the termination of the JV Agreement the current products of the JV will continue to be manufactured by UCAL Fuel Systems Limited and supplied to all customers. UCAL Fuel Systems Limited and Mikuni Corporation will continue to co-operate in limited areas. The Board of UFSL at its meeting held on 16th April 2008 took note of the proposed termination of the JV agreement. On termination of the JV agreement, existing Technical Assistance Agreements with Mikuni Corporation will get appropriately amended. The Board also authorized the Managing Director Mr. Jayakar Krishnamurthy  (Chairman and Managing Director and Chief Financial Officer) to sign the relevant documents in this regard on 18th April 2008 or any date thereafter in India or abroad.

08-04-2008

Carburettors Limited propose to acquire 36,12,960 equity shares aggregating to 26% of the shares/voting rights of UCAL Fuel Systems Limited from Mikuni Corporation, Japan.

The mode of proposed acquisition is by way of internal transfer and the date of proposed acquisition is April 15, 2008 or any date thereafter. The proposed acquisition price per share is Rs.20/-. The shareholding of Carburettors Limited after the proposed acquisition would be 6,852,960 shares aggregating to 49.32% of the shares/voting rights of UCAL Fuel Systems Limited.

22-12-2005

UCAL Fuel Systems Ltd proposes to disinvest the entire holding of 30% equity consisting of 27,53,130 equity shares of Rs.10/- each in the capital of Engelhard Environmental Systems (India) Private Limited (EESIPL) to Engelhard Asia Pacific, LLC.

The Company has now informed the Stock Exchange that the Share Purchase Agreement has been signed for the sale of 27,53,130 equity shares of Rs.10/- each to Engelhard Asia Pacific, LLC for a consideration of Rs.28 crores.

12-12-2005

UCAL Fuel Systems Ltd proposes to disinvest the entire holding of 30% equity consisting of 27,53,130 equity shares of Rs.10/- each in the capital of Engelhard Environmental Systems (India) Private Limited (EESIPL) to Engelhard Asia Pacific, LLC.

The Company is in the process of finalizing the Share Purchase Agreement to be entered into between Engerlhard Asia Pacific, LLC and the Company for the said transaction.

31-03-2005

Acquisition of AMTEC
At the meeting held on March 31, 2005, the Board of UCAL Fuel Systems Ltd. has decided to acquire 100% of the Equity/Preference Capital of AMTEC for a consideration not exceeding US $ 28 Million (approximately Rs.125 Crores). An EGM of the shareholders of UCAL Fuel Systems Limited convened on May 04, 2005 to approve the investment for the proposed acquisition.

AMTEC Precision Products Inc. (AMTEC) is an existing company incorporated in Illinois, USA in 1954. AMTEC is a company engaged mainly in the manufacture of auto ancillary products for supply to US auto majors. It has two manufacturing plants in Elgin, IL, a suburb of Chicago. It also has a wholly owned subsidiary with one manufacturing facility in Rockford, IL.